America's 651 billionaires have gained so much wealth during the coronavirus pandemic that they could fully pay for one-time $3,000 stimulus checks for every person in the United States and still be better off than they were before the crisis.
That's according to new research released Wednesday by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS), groups that have been tracking the "pandemic profits" of U.S. billionaires since mid-March.
In the nearly nine-month period between March 18 and December 7, American billionaires gained more than $1 trillion in wealth as people across the U.S. lost their jobs, their businesses, their homes, and their lives to the pandemic. The collective net worth of U.S. billionaires now sits just above $4 trillion—nearly double the combined wealth owned by the bottom 50% of the American population.
"As tens of millions of Americans suffer from the health and economic ravages of this pandemic, a few hundred billionaires add to their massive fortunes," ATF executive director Frank Clemente said in a statement. "Their pandemic profits are so immense that America's billionaires could pay for a major Covid relief bill and still not lose a dime of their pre-virus riches."
"Their wealth growth is so great," Clemente added, "that they alone could provide a $3,000 stimulus payment to every man, woman, and child in the country, and still be richer than they were nine months ago."
The new research comes as congressional negotiators have not committed to including direct stimulus checks of any size in the relief package that's being hashed out just weeks away from the end of the year, when dozens of key federal safety net programs are set to expire.
Amid opposition by Republicans—who are insisting on keeping the final bill's price tag below $1 trillion—Democratic lawmakers led by Rep. Ilhan Omar (D-Minn.) in the House and Sen. Bernie Sanders (I-Vt.) in the Senate are demanding the inclusion of another round of stimulus checks on top of a weekly increase in unemployment benefits and additional relief measures.
On Tuesday, as Common Dreams reported, Sanders and five Senate Democrats circulated a letter (pdf) calling for one-time payments of $1,200 per adult and $500 per child. In a letter of their own on Tuesday, Omar and nearly 60 other House Democrats warned that excluding direct payments from relief legislation would "leave behind tens of millions of people who have lost income as well as many struggling individuals who cannot work and those left out of federal support programs."
"I am being told that including another stimulus check is too expensive," Rep. Rashida Tlaib (D-Mich.), a signatory of the House letter, tweeted Tuesday. "Fine. Tax the rich and pay for it."
In the wake of the Democratic lawmakers' demands, the Trump White House put forth a proposal that would provide a round of direct stimulus payments amounting to $600 per adult and $600 per child in the place of a weekly boost in unemployment benefits.
Democrats immediately rejected the administration's proposed trade-off as "unacceptable" and "atrocious," warning that one-time payments are not an adequate substitute for a weekly benefit increase for millions of jobless Americans.
This article first appeared on Common Dreams. You can read it here.
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Pictured: A healthy practice?
Will your current friends still be with you after seven years?
Professor shares how many years a friendship must last before it'll become lifelong
Think of your best friend. How long have you known them? Growing up, children make friends and say they’ll be best friends forever. That’s where “BFF” came from, for crying out loud. But is the concept of the lifelong friend real? If so, how many years of friendship will have to bloom before a friendship goes the distance? Well, a Dutch study may have the answer to that last question.
Sociologist Gerald Mollenhorst and his team in the Netherlands did extensive research on friendships and made some interesting findings in his surveys and studies. Mollenhorst found that over half of your friendships will “shed” within seven years. However, the relationships that go past the seven-year mark tend to last. This led to the prevailing theory that most friendships lasting more than seven years would endure throughout a person’s lifetime.
In Mollenhorst’s findings, lifelong friendships seem to come down to one thing: reciprocal effort. The primary reason so many friendships form and fade within seven-year cycles has much to do with a person’s ages and life stages. A lot of people lose touch with elementary and high school friends because so many leave home to attend college. Work friends change when someone gets promoted or finds a better job in a different state. Some friends get married and have children, reducing one-on-one time together, and thus a friendship fades. It’s easy to lose friends, but naturally harder to keep them when you’re no longer in proximity.
Some people on Reddit even wonder if lifelong friendships are actually real or just a romanticized thought nowadays. However, older commenters showed that lifelong friendship is still possible:
“I met my friend on the first day of kindergarten. Maybe not the very first day, but within the first week. We were texting each other stupid memes just yesterday. This year we’ll both celebrate our 58th birthdays.”
“My oldest friend and I met when she was just 5 and I was 9. Next-door neighbors. We're now both over 60 and still talk weekly and visit at least twice a year.”
“I’m 55. I’ve just spent a weekend with friends I met 24 and 32 years ago respectively. I’m also still in touch with my penpal in the States. I was 15 when we started writing to each other.”
“My friends (3 of them) go back to my college days in my 20’s that I still talk to a minimum of once a week. I'm in my early 60s now.”
“We ebb and flow. Sometimes many years will pass as we go through different things and phases. Nobody gets buttsore if we aren’t in touch all the time. In our 50s we don’t try and argue or be petty like we did before. But I love them. I don’t need a weekly lunch to know that. I could make a call right now if I needed something. Same with them.”
Maintaining a friendship for life is never guaranteed, but there are ways, psychotherapists say, that can make a friendship last. It’s not easy, but for a friendship to last, both participants need to make room for patience and place greater weight on their similarities than on the differences that may develop over time. Along with that, it’s helpful to be tolerant of large distances and gaps of time between visits, too. It’s not easy, and it requires both people involved to be equally invested to keep the friendship alive and from becoming stagnant.
As tough as it sounds, it is still possible. You may be a fortunate person who can name several friends you’ve kept for over seven years or over seventy years. But if you’re not, every new friendship you make has the same chance and potential of being lifelong.